Pennsylvania Credit Union Association

PA Credit Union Foundation Tops $2 Million Grant Milestone

2/10/2012

HARRISBURG – Ordinarily, approval of a $3,000 grant request from a small credit union would be routine for the Pennsylvania Credit Union Foundation Board of Directors. During its nearly 16 years in operation, the Foundation has regularly funded small credit union development grants. The most recent grant recipient, Philadelphia Mint Federal Credit Union, with less than $1 million dollars in assets, represents the 454th grant approved by the Foundation Board. This also brings the total dollar value of grants awarded by the Foundation since its inception to $2 million dollars.

“Normally such a grant would be used to purchase a computer for a credit union of this size,” says Foundation Executive Director Joe Wambach. “What is unusual is that the grant will enable the credit union to implement an ACH and a Bill Pay program to increase membership.”

Foundation Chairman Ray Brunner praised the Board for its commitment to advancing the credit union motto of People Helping People. “The ongoing support for small credit unions and community development projects is consistent with the Foundation’s mission to serve the underserved,” said Brunner.

Pennsylvania Credit Union Association President/CEO Jim McCormack also hailed the achievement noting that, “In its 16 years, the Foundation has far surpassed its founders expectations. Its work not only strengthens the credit union movement by assisting our smallest credit unions, but also through its role in the areas of financial literacy and disaster relief projects.”

Since 1996, the Foundation has assisted over a half million beneficiaries and has raised over three million dollars.

The Pennsylvania Credit Union Foundation, a subsidiary of the Pennsylvania Credit Union Association, was formed in 1996 to benefit consumers and credit unions alike. The Foundation is a non-profit, tax-exempt organization with a main purpose of providing individuals, credit unions and their communities with the human and financial resources to stimulate socio-economic growth.

The Harrisburg-based Pennsylvania Credit Union Association is a trade association that provides legislative, promotional, educational and operational support for credit unions in Pennsylvania. Credit unions headquartered in Pennsylvania have assets in excess of $35 billion and serve more than 3.6 million members. For additional information about credit unions or to find a credit union near you, visit www.iBelong.org.